JPMorgan has secured regulatory approval for Adedapo Adedayo Olagunju to lead its proposed merchant bank in Nigeria, marking a significant step in the American financial institution’s plans to establish a dedicated merchant banking operation in the country.
The Central Bank of Nigeria (CBN) approved Olagunju’s nomination as Managing Director alongside an approval-in-principle for JPMorgan Merchant Bank Nigeria Limited, according to a statement issued on Friday, October 23, 2026.
The approval allows the bank to advance its establishment plans, although it must still obtain a final operating licence before commencing business. The development places Olagunju at the centre of JPMorgan’s proposed merchant banking operations in Nigeria, where businesses and institutional investors rely on financial services to support investment and corporate transactions.
According to Brandspur Banking News Desk, the CBN also approved four other appointments to the proposed bank’s board, including Latter Kevin George, Nzelu Chinedum Izunwanne and Syed Gabriel Murtaza as Non-Executive Directors. The regulator approved Alade Sarah Omotunde, Ajayi Olukonyinsola and Adetu Seni as Independent Non-Executive Directors.
Olagunju has led JPMorgan’s West African operations since 2018, giving him experience in managing the institution’s regional business and relationships. His Oxford education and career in investment banking have also shaped his professional journey.
His proposed appointment comes as JPMorgan moves towards establishing a merchant banking presence in Nigeria. However, the CBN’s approval-in-principle remains distinct from a final licence, meaning the institution has yet to complete the regulatory process required to begin operating as a merchant bank in the country.
Beyond his banking career, Olagunju once harboured an ambition that had little to do with financial markets: exploring space. That early interest offers a glimpse into a career path that eventually led him from personal aspirations to senior responsibilities within one of the world’s major financial institutions
